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Expanding Tourism Sector to Present Cable Cars and Ropeways US$ 11.5 Mn Market Opportunity in 2032. Gondola lifts segment is pegged to drive monetary growth in the global cable cars & ropeways market. The top two global players collectively account for over 60% of the overall cable cars & ropeways market share
NEWARK, Del. , Sept. 7, 2022 /PRNewswire/ -- The global cable cars and ropeways market is anticipated to reach a valuation of US$ 11.5 Mn in 2032 while exhibiting a stellar growth rate of 10.6% CAGR over the forecast period of 2022 to 2032. Scaling up from an estimated value of US$ 4.21 Mn in 2022, the cable cars and ropeways market is fueled by the escalating tourist activity all over the world. More and more countries are concentrating on reinventing their tourist attractions by integrating zipping and ropeway projects. This, in turn, will boost the sales of cable cars and ropeways over the projected period.
Cable cars and ropeways are aerial lifts that use one or two fixed ropes or cables to support the transporting vehicle along with a third rope or cable for proper propulsion. These vehicles use a simple, powerful and cost-effective technology. Cable cars and ropeways are a quick, affordable and convenient way of transport, especially in hilly and mountain areas, areas with rivers, snow-covered areas, unequal terrains, etc. Moreover, advancing technology has enabled the introduction of electric motors and steel cables which optimize efficiency. This has resulted in large-scale adoption of cable cars and ropeways in various regions which offer tourist and adventure attractions as well as areas with mining facilities.
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With emerging trends in cable cars and ropeways, the market is steadily becoming a preferred choice of travel in tourist and winter regions. Gradually, opportunities are also emerging in urban transportation. Furthermore, evolving technology and high advantages associated with cable cars and ropeways are expected to propel the market towards growth over the forecast period.
"Rising adoption of latest technology coupled with rapidly expanding tourism industries are stimulating the sales of cable cars and ropeways in the global market over the forecast period," says an FMI analyst.
Doppelmayr Garaventa Group, Vergokan, Kreischberg: Cableways, Dubrovnik cable cars, Kropivnik Cableways Pvt. Ltd., Damodar ropeways, and Bullwheel international cable car corp among others, are some of the major players in the cable cars and ropeways market that are profiled in the full version of the report.
In a fairly competitive market, major players are concentrating on market expansion strategies like mergers, acquisitions, partnerships, and agreements. These businesses also vie for the government tenders to gain a competitive edge.
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Cable Cars And Ropeways Market Key segments
More Insights into the Cable Cars and Ropeways Market Report
In its latest report, FMI offers an unbiased analysis of the global cable cars and ropeways market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented based on industry (tourism, material handling, public transportation, mining industries), sales channels (OEM (Original Equipment Manufacturer), aftermarket), type (fixed grip installations, drag lifts, fixed grip chairlifts, pulsed gondola ropeways, detachable installations, detachable chairlifts, mono cable detachable gondola lifts, telemix: combined detachable chairlift and gondola lift, bicable (2S) & tricable (3S) gondola lifts, aerial tramway, funicular), and region.
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According to the latest FMI reports, based on region, the cable cars and ropeways market in North America is expected to present considerable growth over the assessment period. The region is expected to account for 18.4% of the overall market share. This growth can be attributed to usage of cable cars and ropeways in urban transportation as well as their application in multiple mountaineering and hiking spaces. Advancing tourist areas are also supplementing this growth.
In Europe , the cable cars and ropeways market is expected to present healthy growth over the forecast period. The region currently holds 25.2 % of the global market share. Booming tourism sector along with an intensely dynamic demography seem to bolster the regional market growth over the projected period.
1.1. Global Market Outlook
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
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